The Republicans and the Democrats are battling it out over Social Security. While everyone agrees Social Security must be reformed, Democrats deny there is a crisis, as alleged by President George W. Bush.
The President’s Pitch
President Bush has said that Social Security faces a $10 trillion unfunded obligation to beneficiaries. Trustees of the Social Security program have projected that by 2018 the program will owe more in annual benefits than the revenues generated by the payroll tax. They also say the program will be bankrupt by 2042.
In the 1950s, there were about sixteen workers paying for every Social Security beneficiary. Today there are about three, and eventually there will only be two workers per beneficiary, according to the President.
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